Sri Lanka's Inland Revenue Department has issued a notice concerning the country's increase in the value added tax rate from 11% to 15% effective 2 May 2016. According to the notice:
- The 15% rate also applies for financial services;
- The standard VAT registration thresholds for any person carrying on taxable activity are LKR 3 million in a 3-month period and LKR 12 million in a 12-month period, including for financial services and wholesale and retail trade (previously the threshold for whole…